Oops! 100% Tax Rate

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When Davy Crockett defined a senator as “half-horse and half-man,” he didn’t say which half was which. But I think we can figure it out.

As the U.S. Senate ponders tax reforms, drawing up various schemes to make it much more complicated than simply cutting everybody’s taxes and putting a stop to all the crazy government spending, they wound up, the other day, with a bill that would have socked some people with a 100% tax rate (https://www.wsj.com/articles/the-taxman-cometh-senate-bills-marginal-rates-could-top-100-for-some-1512942118). Oops. For a few, it would’ve been more than 100%.

(“I’ve been offered a lot for my work,” says the gunslinger [Yul Brynner] in The Magnificent Seven. “But I’ve never been offered everything.”)

The faux pas, according to The Wall Street Journal, resulted from “trying to provide benefits to businesses and families but then deny them to the richest people.”  Why they have to be denied to “the richest people” is not given. Senate money-wallahs explain the weird tax rates as “unusual hypotheticals.” Then it gets real complicated. I don’t understand it, and I don’t see how a Senator does, either. When things get that complicated, they don’t stay honest.

4 comments on “Oops! 100% Tax Rate

  1. Comrade, glorious socialist utopias aren’t cheap. Mommygov has to buy me a unicorn and a magic chocolate fountain, now get to work! Forward!

  2. Great ideas, kiddies. Put out of business the people who create the jobs, then there will be no more work. HAH! What a plan. OOPS, who do we rob now to acquire all the give-away money and stuff. Had you thought of that?

  3. What happened to Trump’s campaign rhetoric that we could pay our income tax using a postcard? Oh, that’s right, I forgot, most of the Republican senators are against President Trump.

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